Ice Cream Ingredients Market Rising With CAGR of 8.5% during the forecast period 2021-2028

According to a new report published by Allied Market Research, titled, "Ice Cream Ingredients Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2028," The global ice cream ingredients market size was valued at US$ 50.1 billion in 2020 and is projected to reach $ 93.5 billion by 2028, growing at a CAGR of 8.5% during the forecast period.

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The impact of COVID-19 has been unprecedented resulting in the decline of the overall demand for ice cream and other frozen dessert products. As a result, the demand for ice cream ingredients witnessed the negative impact of the pandemic and its manufacturers are responding quickly to incorporate necessary actions and to minimize the effect of this global crisis. The market is anticipated to normalize in the next couple of years with the higher demand for ice creams and its ingredients.

The demand for novel ice cream ingredients continues to rise steeply owing to the rapidly growing urbanization and improving technological advancements in the global dairy sector. The manufacturers are intensively launching experimental formats of ice cream products in the market. Utilization of novel ingredients and flavors such as milk fats, solids, and natural colorants are the main factors boosting the annual revenue of the market. Innovations and experimental flavors, ingredients, and source of raw materials are the key factors that strengthen the global ice cream market.

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According to the report published by the DPO International 2019, the global ice cream market size was valued at US$ 57.9 billion in 2018 and was expected to reach US$ 84.9 billion over the next 5 years. Thus, the ingredient manufacturers are intensively focusing on developing and offerings novel products to meet the growing innovative ice cream ingredients market trends such as low-sugar milk fat, lactose free SNF (solid-not-fat), sweeteners, and others.

Along with the rapidly growing urbanization and improving technology advancements in global dairy sector, the demand for sophisticated and novel ice cream products continues to rise steeply in the global marketplace. The manufacturers are becoming competitive and launching experimental formats of ice cream products in the market. Utilization of novel ingredients and flavors such as milk fats, solids, and natural colorants are the main factors boosting the annual revenue if ice cream market. Innovations and experimental flavors, ingredients, and source of raw materials are been the key factors to strengthening the global ice cream market.

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However, rise in prevalence of lactose intolerance across the globe limits the ice cream ingredients market growth. Milk and other dairy products are the major sources of lactose. It is a type of sugar found in milk naturally and the inability to digest such lactose/sugar defines the nature of lactose intolerance. This intolerance can be severe or mild resulting in cramps, bloating, pain, gut issues, vomiting, and others. The composition of ice cream majorly comprises milk fat and other milk/dairy solids which offers a significant amount of lactose in the form of final product in the market.

Key findings of the study

On the basis of type, the dairy solids segment accounted for the highest market share in 2020, growing at a CAGR of 7.4% and milk-solid-not-fat was the fastest growing type with a CAGR of 10.5% between 2021 and 2028.
On the basis of application, the impulse ice cream industry accounted for about 45% of market share in 2020. However, the artisanal ice cream category is expected to grow at a higher CAGR of 9.5% during the ice cream ingredients market forecast period.
On the basis of region, Asia-Pacific accounted for about 40% of the market by share and is expected to grow at a CAGR of 9.2% during the forecast period.

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Some of the key players profiled in the ice cream ingredients market analysis include Fonterra Co-Operative Group Limited, BASF SE, Tate & Lyle, Cargill, Incorporated, Royal FrieslandCampina N.V., California Dairies, Inc., Dairy Farmers of America, Grassland Dairy Products Inc., Westland Milk Products (yili Group), and Hilmar Ingredients.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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